Financials IBM

Equities

IBM

US4592001014

IT Services & Consulting

Market Closed - Nyse Other stock markets 02:30:02 11/12/2025 am IST			Pre-market 05:30:21 pm
312.67 ^USD	+0.71%		313.00	+0.11%

05:30pm	International Business Machines, Pearson Team Up to Launch AI-Powered Learning	MT
05:15pm	Pearson and IBM join forces to build new AI-powered learning tools	AN

Projected Income Statement: IBM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	73,620	57,350	60,530	61,860	62,753	67,065	70,143	73,175
Change	-	-22.1%	5.54%	2.2%	1.44%	6.87%	4.59%	4.32%
EBITDA ¹	15,379	-	14,739	15,447	16,400	18,886	19,849	20,751
Change	-	-	-	4.8%	6.17%	15.16%	5.09%	4.55%
EBIT ¹	8,684	-	9,937	11,052	11,263	13,689	14,488	15,477
Change	-	-	-	11.22%	1.91%	21.54%	5.84%	6.83%
Interest Paid ¹	-1,288	-1,155	-1,216	-1,607	-1,712	-1,901	-1,824	-1,940
Earnings before Tax (EBT) ¹	4,637	4,837	1,156	8,690	5,797	10,328	11,395	12,252
Change	-	4.31%	-76.1%	651.73%	-33.29%	78.16%	10.33%	7.52%
Net income ¹	5,590	5,743	1,639	7,502	6,023	8,689	10,122	10,986
Change	-	2.74%	-71.46%	357.72%	-19.71%	44.26%	16.49%	8.54%
Announcement Date	21/01/21	24/01/22	25/01/23	24/01/24	29/01/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	20,367	17,730	18,745	17,618	16,695	14,197	15,535	14,107	16,690	14,252	15,475	14,752	17,381	14,462	15,770	14,968	17,553	14,541	16,977	16,331	19,232	15,540	17,709	16,961	19,970	16,034	18,098	17,389
Change	-	-12.95%	5.72%	-6.01%	-5.24%	-14.96%	9.42%	-9.19%	18.31%	-14.61%	8.58%	-4.67%	17.82%	-16.79%	9.04%	-5.09%	17.27%	-17.16%	16.75%	-3.81%	17.76%	-19.2%	13.95%	-4.22%	17.74%	-19.71%	12.88%	-3.92%
EBITDA ¹	4,044	3,748	4,482	4,282	5,013	2,904	3,642	3,130	5,063	2,650	3,632	3,602	5,565	3,000	4,000	3,800	5,600	3,400	4,700	4,600	6,196	3,523	4,940	4,556	6,568	-	-	-
Change	-	-7.32%	19.58%	-4.46%	17.07%	-42.07%	25.41%	-14.06%	61.76%	-47.66%	37.06%	-0.83%	54.5%	-46.09%	33.33%	-5%	47.37%	-39.29%	38.24%	-2.13%	34.69%	-43.13%	40.2%	-7.78%	44.17%	-	-	-
EBIT ¹	2,345	2,076	2,802	2,598	3,633	1,647	2,397	1,967	3,926	1,576	2,556	2,509	4,413	1,627	2,870	2,363	4,403	2,006	3,641	3,334	4,879	2,360	3,602	3,372	5,084	-	-	-
Change	-	-11.47%	34.97%	-7.28%	39.84%	-54.67%	45.54%	-17.94%	99.59%	-59.86%	62.18%	-1.84%	75.89%	-63.13%	76.4%	-17.67%	86.33%	-54.44%	81.51%	-8.43%	46.35%	-51.64%	52.62%	-6.38%	50.77%	-	-	-
Charge d'intérêts ¹	-317	-280	-281	-291	-303	-311	-297	-295	-313	-367	-423	-400	-405	-432	-427	-429	-424	-455	-510	-492	-444	-432.1	-450.5	-448.6	-424.1	-480	-478	-476
Earnings before Tax (EBT) ¹	1,289	905	1,552	1,319	2,869	623	1,722	-4,501	3,312	1,058	2,000	1,873	3,759	1,074	2,219	-802	3,306	1,158	2,597	2,430	4,150	1,791	2,791	2,472	4,281	-	-	-
Change	-	-29.79%	71.49%	-15.01%	117.51%	-78.29%	176.4%	-361.38%	173.58%	-68.06%	89.04%	-6.35%	100.69%	-71.43%	106.61%	-136.14%	512.22%	-64.97%	124.27%	-6.43%	70.76%	-56.84%	55.83%	-11.43%	73.18%	-	-	-
Net income ¹	1,356	955	1,325	1,130	2,332	733	1,392	-3,196	2,711	927	1,583	1,704	3,288	1,605	1,834	-330	2,915	1,055	2,194	1,744	3,605	1,422	2,423	2,299	3,845	-	-	-
Change	-	-29.57%	38.74%	-14.72%	106.37%	-68.57%	89.9%	-329.6%	184.82%	-65.81%	70.77%	7.64%	92.96%	-51.19%	14.27%	-117.99%	983.33%	-63.81%	107.96%	-20.51%	106.73%	-60.56%	70.39%	-5.09%	67.22%	-	-	-
Announcement Date	21/01/21	19/04/21	19/07/21	20/10/21	24/01/22	19/04/22	18/07/22	19/10/22	25/01/23	19/04/23	19/07/23	25/10/23	24/01/24	24/04/24	24/07/24	23/10/24	29/01/25	23/04/25	23/07/25	22/10/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: IBM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	47,263	44,147	42,108	43,085	40,168	42,766	34,309	30,707
Change	-	-6.59%	-4.62%	2.32%	-6.77%	6.47%	-19.78%	-10.5%
Announcement Date	21/01/21	24/01/22	25/01/23	24/01/24	29/01/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: IBM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	3,042	2,381	1,860	1,488	1,127	1,483	1,580	1,651
Change	-	-21.73%	-21.88%	-20%	-24.26%	31.59%	6.56%	4.45%
Free Cash Flow (FCF) ¹	10,805	6,508	9,291	11,210	12,749	13,978	15,052	16,185
Change	-	-39.77%	42.76%	20.65%	13.73%	9.64%	7.68%	7.53%
Announcement Date	21/01/21	24/01/22	25/01/23	24/01/24	29/01/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: IBM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	20.89%	-	24.35%	24.97%	26.13%	28.16%	28.3%	28.36%
EBIT Margin (%)	11.8%	-	16.42%	17.87%	17.95%	20.41%	20.65%	21.15%
EBT Margin (%)	6.3%	8.43%	1.91%	14.05%	9.24%	15.4%	16.24%	16.74%
Net margin (%)	7.59%	10.01%	2.71%	12.13%	9.6%	12.96%	14.43%	15.01%
FCF margin (%)	14.68%	11.35%	15.35%	18.12%	20.32%	20.84%	21.46%	22.12%
FCF / Net Income (%)	193.29%	113.32%	566.87%	149.43%	211.67%	160.88%	148.71%	147.32%
Profitability
ROA	5.05%	3.99%	6.42%	5.73%	7.11%	7.46%	7.57%	7.84%
ROE	37.52%	36.33%	40.77%	33.79%	38.86%	36.73%	34.4%	30.35%
Financial Health
Leverage (Debt/EBITDA)	3.07x	-	2.86x	2.79x	2.45x	2.26x	1.73x	1.48x
Debt / Free cash flow	4.37x	6.78x	4.53x	3.84x	3.15x	3.06x	2.28x	1.9x
Capital Intensity
CAPEX / Current Assets (%)	4.13%	4.15%	3.07%	2.41%	1.8%	2.21%	2.25%	2.26%
CAPEX / EBITDA (%)	19.78%	-	12.62%	9.63%	6.87%	7.85%	7.96%	7.95%
CAPEX / FCF (%)	28.15%	36.59%	20.02%	13.27%	8.84%	10.61%	10.5%	10.2%
Items per share
Cash flow per share ¹	20.3	14.15	11.44	15.11	14.35	15.75	17.02	18.49
Change	-	-30.3%	-19.14%	32.08%	-5.04%	9.82%	8.05%	8.6%
Dividend per Share ¹	6.51	6.55	6.52	6.63	6.67	6.708	6.752	6.801
Change	-	0.61%	-0.46%	1.69%	0.6%	0.57%	0.66%	0.73%
Book Value Per Share ¹	23.13	21.09	24.31	24.63	29.48	32.61	38.37	44.85
Change	-	-8.82%	15.24%	1.3%	19.71%	10.61%	17.68%	16.88%
EPS ¹	6.23	6.35	1.8	8.14	6.43	9.082	10.31	11.03
Change	-	1.93%	-71.65%	352.22%	-21.01%	41.24%	13.53%	7.02%
Nbr of stocks (in thousands)	8,91,057	8,96,800	9,04,126	9,13,119	9,24,645	9,34,735	9,34,735	9,34,735
Announcement Date	21/01/21	24/01/22	25/01/23	24/01/24	29/01/25	-	-	-